Business
Portfolio company First Light achieves fusion
Portfolio company First Light achieves fusion.
About this update from Ip Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2309H\n IP Group PLC\n 05 April 2022\n \n \n \n \n \n \n \n \n FOR RELEASE ON\n \n \n \n \n 05 April 2022\n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) WHICH FORMS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.\n \n \n \n \n \n IP Group plc - Portfolio company First Light Fusion achieves world first fusion result with 'projectile fusion', offering simpler, faster, cheaper pathway to fusion energy\n \n \n \n \n \n IP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\"), which develops world-changing science and technology businesses across life sciences, technology and cleantech, notes that portfolio company \n First Light Fusion Ltd (\"First Light\" or \"the Company\") has confirmed that it has achieved fusion which has been independently validated by the UK Atomic Energy Authority (UKAEA).\n \n \n \n \n \n This is the first time fusion has been achieved using a projectile-based approach, harnessing the unique target technology developed by First Light. Projectile fusion is a new approach to inertial confinement fusion that is simpler, more energy efficient, and has lower physics risk. First Light has achieved fusion having spent less than £45m, and with a rate of performance improvement faster than any other fusion scheme in history.\n \n \n \n \n \n IP Group believes achieving this world-first will at least result in an initial doubling of the value of the Company with recent comparatives and third party valuation work suggesting a doubling to quadrupling may be achieved at the next funding round.\n \n \n \n \n \n Our preliminary assessment, based upon the lower end of the range, implies a carrying value of the asset that will generate an initial net fair value gain of at least £57m (or approximately 5 pence per share). As at December 31 2021, IP Group's undiluted beneficial holding of 27.4% in First Light was valued at £57.3m.\n \n \n \n \n \n Greg Smith, Chief Executive Officer of IP Group, said: \"Following the success of Oxford Nanopore, Ceres Power and others, this is another example of IP Group having helped establish a business with the potential to have enormous impact and supporting it over many years to a s...